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Thursday, July 28, 2011

Exxon profits up on higher oil prices

US oil giant Exxon Mobil has reported a rise in quarterly profits on the back of higher oil prices.

The company said that net profit rose to $10.7bn (£6.6bn) for the three months to June, up 41% from the same period last year.

The profit was its largest since the third quarter of 2008. The firm said production had risen by 10%.

Higher oil prices have also boosted rivals such as Royal Dutch Shell, which reported a 77% jump in profits.

The price of oil has surged in the past year, driven by political unrest in oil-producing countries.

The price of a barrel of benchmark US light sweet crude oil is up to around $97 a barrel currently, from $78 a year ago. (more)